Mumbai: Creative Group spent Rs 156 crore on 8 apartments just before new income tax rules came into effect

As the Finance Minister announced tax reforms celebrated by the salaried class, it also set a Rs 10 crore cap on reinvestment of proceeds from property sales. To save tax on big-ticket purchases, high-net-worth individuals in Mumbai rushed to buy luxury homes across the city.

After real estate deals worth hundreds of crores by Niraj Bajaj, Damani family and the Taparias in South Mumbai, the Creative group has bagged flats worth Rs 154.6 crore.

Eight apartments booked before changes in taxation

• The plastic manufacturer sealed the deal for eight luxury homes in Raheja Modern Vivarea, located in South Mumbai's Mahalaxmi locality.

• The flats with prices ranging from Rs 15 crore and Rs 20 crore, are situated between the 16th and 21st storeys.

• Registrations for these apartments were done before April 1, 2023, when new tax norms came into effect.

• All eight flats are spread over a carpet area of more than 2,800 square feet, barring one which acquires 2,300 square feet, and come with three parking slots each.

Rushing towards luxury housing in the financial capital

• Like most upscale properties in the maximum city, these apartments are also overlooking the Arabian Sea and also have a view of the Mahalaxmi Racecourse.

• Apart from this, the promoters of Kandoi Fabrics recently bought four Malabar Hill apartments for a whopping Rs 217 crore.

• Even with a month to go before changes in taxation, luxury sales had already surged by 79 per cent in February, after the announcement in the Union Budget 2023.